Asia Stocks Mixed, JPY 2015 Downtrend at Risk on US Japan Trade Talk

ASIA PACIFIC MARKET WRAP – USD/JPY, JAPANESE YEN, US JAPAN TRADE TALKS

• APAC benchmark stock indexes trade mixed after poor performance on Wall Street
• Quiet trade say anti-risk Yen rise as AUD & NZD fell. The US Dollar kept rising
• 2015 dominant downtrend in USD/JPY at risk heading into US Japan trade talks

Asia Pacific markets traded rather mixed during a relatively quiet trading session heading into the end of Tuesday’s session. The ASX 200 and Shanghai Composite headed lower, echoing broad declines on Wall Street. Japan’s Nikkei 225 on the other hand headed cautiously higher after trading was closed for yesterday’s market holiday.

Looking FX, the anti-risk Japanese Yen edged slightly higher as expected as it closely followed Chinese and Australian benchmark indexes. Meanwhile the pro-risk Australian and New Zealand Dollars traded cautiously lower. The US Dollar continued to gain against most of its major peers, likely seeing some haven demand as the Shanghai Composite and ASX 200 declined ahead of this week’s Fed rate announcement.

Ahead, the markets will likely be focused on commentary in regards to trade. Japan’s Prime Minister Shinzo Abe will be having talks with US President Donald Trump. Given that the former is a key strategic ally of the latter, it may escape harsh protectionist measures in the future such as the ones Trump pursued on China. This may bolster stocks and send the anti-risk Yen lower.

USD/JPY TECHNICAL ANALYSIS

On a daily chart, USD/JPY prices rose to just under the 38.2% Fibonacci extension at 113.06 which is also very closely aligned with the July high. Closing above this level would open the door to a reversal of the dominant downtrend in USD/JPY since June 2015. Confirmation though will be needed via more daily closes above it. Immediate support on the other hand is at 111.80.

USD/JPY DAILY CHART

                             Start Trading with Free $30    : CLAIM NOW $30

              

VERIFY YOUR ACCOUNT AND GET YOUR $30 INSTANTLY ,MAKE MONEY WITHDRAW !!

               IT IS POSSIBLE TO SHIFT FROM $30  TO  $1,000,000  TRY  TODAY

IF  YOU  FACE  ANY  PROBLEM  TO  GET  THIS  OFFER  PLEASE CONTACT US FOR

SUPPORT ,  CLICK  SMS  BAR  ABOVE  THEN  TALK  TO  US.